Cash ISA maturing

Nkay11

I have a cash ISA due to mature in a few weeks time (that I deposited the max 20k in last year) and I am planning on opening another ISA when this matures and depositing another 20k in. This will mean that the new ISA will have around 41k in (including the interest I got from this year).

My question is… With the new ISA, will I get the fixed rate of around 5% on the full 41k or do you only get the fixed rate on the newly deposited 20k if that makes sense?

Thanks in advance!

anniecave

You will need to transfer funds between ISAs or between ISA providers to keep the ISA status.  Assuming the product allows it, you could also then add extra funds.  You will get interest on the full balance of any account at whatever rate is offered for the account. 

XzavierWalnut

Check that your new account allows transfers in first.
In the past I have opened up the new account with the £20k so you get that interest rate, then filled in the transfer form. Takes less than a week normally for the transfer.
Make sure you tick the box that states wait until account matures.